Triumph Group, Inc. (NYSE: TGI) has reported USD 18.1 million in net income in the first quarter of fiscal year 2020, the company said.
Net sales of USD 730.2 million were reported for the first quarter of fiscal 2020, up 5.8% organically from the comparable prior year period. Growth was driven by increased volumes on engine and military rotorcraft components, aftermarket accessory services, and continuing structures programs and new engineering services.
First quarter operating income of USD 35.5 million included a USD 3.1 million adjustment for loss on previous divestitures and USD 3.0 million of restructuring costs. On an adjusted basis, net income was USD 22.9 million, or USD 0.46 per diluted share.
Triumph´s results included the following:
The number of shares used in computing diluted earnings per share for the first quarter of 2020 was 50.3 million.
Backlog was USD 3.7 billion and increased 1% organically compared to the prior year period and is flat on a sequential basis.
For the three-months ended June 30, 2019, cash flow from operations was USD 5.0 million, reflecting continued investment in ramping programs and liquidation of approximately USD 20.0 million in prior period advances against current period deliveries.
Based on anticipated aircraft production rates and including the impacts of pending program transfers, the Company continues to expect that net sales for fiscal year 2020 will be approximately USD 2.8 to USD 2.9 billion.
The Company expects fiscal year 2020 earnings per share to be USD 2.35 to USD 2.95, per diluted share.
The Company expects fiscal year 2020 cash provided from operations of USD 50.0 to USD 110.0 million, and free cash flow of USD 0 to USD 50.0 million.
Triumph Group, Inc., headquartered in Berwyn, Pennsylvania, designs, engineers, manufactures, repairs and overhauls a broad portfolio of aerospace and defense systems, components and structures. The company serves the global aviation industry, including original equipment manufacturers and the full spectrum of military and commercial aircraft operators.